As part of a national movement to fund Black business and bridge the Black wealth gap, a group of entrepreneurs have launched a 100% Black-owned equity crowdfunding platform to create a new generation of Black businesses.
The 10K Project allows micro investors to join for $100 and have the opportunity to invest in Black-owned small business. If 10,000 people to invest as little as $100, then there would be $1 million to support these businesses. In addition to accessing opportunities to invest, members will have access to financial literacy webinars, wealth building educational resources, community forums and the ability to network and learn from each other.
“I know we’re in the midst of a recession,” said Cheree Warrick, a co-founder and the project’s CEO. “But some of the nation’s largest businesses have been created during recessions. I also believe black entrepreneurs need a platform where they can find investors since many are not likely to get loans from banks or family members.”
In its report, “The Trillion Dollar Blind Spot,” Morgan Stanley Report points out, “Multicultural and women-owned businesses could account for $6.8 trillion in gross receipts if they matched their percentage of the labor force and business revenues were equal to traditional firms.”
Warrick, who has been writing business plans for more than a decade, said The 10K Project is responding to a growing need to support Black entrepreneurs, especially during a time when the COVID-19 pandemic has created such economic uncertainty. She and her co-founders believe that the project has a chance to create a new generation of Black investors.
“We all come from communities with beautiful histories and amazing Black people doing wonderful things,” said Tawana Rivers, a co-founder and the project’s COO. “We must save ourselves from the economic challenges facing our community. For far too long, we’ve been relying on others. It’s time we support ourselves. We have the power, tenacity and intelligence to be amazing.”